how much is the average monthly mortgage payment

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How Much Of My Monthly Income Should I Spend On A Mortgage? – · The answer is 28% of your monthly income. The median income in the U.S. is $55,775. If this were your income, you’d make about $4,648 per month; 28% of that monthly income comes out to about $1,301. That means you could spend $1,301 on a mortgage, maximum.

how much is an average monthly mortgage payment? | Yahoo Answers – Keep in mind, if you put down less than 20% you have to factor in mortgage insurance (a set monthly amount you have to pay until your loan to value is 78% or lower). As a mortgage lender, I can honestly say that the best way to get the most accurate "monthly payment amount" is to talk with a loan officer.

Applying current mortgage loan rates, you can estimate the following average monthly mortgage payments: $1,022 per month on a 30-year fixed-rate loan at 4.10 percent $1,505 per month on a 15-year fixed-rate loan at 3.43 percent

what is reverse mortgage loans Reverse Mortgage – investopedia.com – In a word, a reverse mortgage is a loan. A homeowner who is 62 or older and has considerable home equity can borrow against the value of their home and receive funds as a lump sum, fixed monthly.

Average Monthly Mortgage Payment in California, for 2017 – · Summary: Based on the statewide median home price and current mortgage rates, the average mortgage payment in California will be approximately $2,542 at the start of 2017. But there are many variables that can affect monthly payments.

To determine ‘how much house can I afford,’ use the 36% rule, which states your monthly mortgage expenses and other debt payments shouldn’t exceed 36% of your gross monthly income. If you earn.

5 year mortgage interest rates getting an equity loan Mortgage Rates – RBC Royal Bank – The charts below show current mortgage rates special offers and posted rates for fixed and variable rate mortgages, as well as the Royal Bank of Canada prime rate.. 5 Year Variable: RBC Prime Rate – 0.500% (3.450%). the APR and the interest rate will be the same. Legal Disclaimer 3)

Using The Mortgage Payment Table This chart covers interest rates from 2% to 7.875%, and loan terms of 15 and 30 years. Each of the term columns shows the monthly payment (Principal + Interest), and the total amount you will pay back for each $1,000 of the loan.

· Aim to keep your mortgage payment at or below 28 percent of your pretax monthly income. Aim to keep your total debt payments at or below 40 percent of your pretax monthly income. Note that 40 percent should be a maximum. We recommend an even better goal is to keep total debt to a third, or 33 percent.

What Percentage of Income Should Go to Mortgage? – Keep your total monthly debts, including your mortgage payment, at 36% of your gross monthly income or lower If your monthly debts are pretty small, you can use the 28% rule as a guide. However, if you have significant monthly debts, you may need to work the process backwards.